The current account deficit shrank in the nine months to end-March to $3.9 billion compared to $7.1 billion in the nine months to March 2012, the central bank said in a statement.

Offering slight respite to an economy hurt by dwindling foreign currency reserves, the first three quarters of the fiscal year saw tourism revenue rise to $8.08 billion, up 14 percent on a year earlier. Unrest following the revolution of early 2011 discouraged visitors.

Foreign Direct Investment (FDI) inched up to $1.4 billion from $1.2 billion in the first nine months of the last fiscal year.

This was mainly a result of a contraction in net investment outflows in the oil sector, which stood at $607.5 million, down from $2.1 billion.